More data than ever before is generated by organizations in each technical field and by non-natives. In today’s data-driven environment, if the data is analyzed using the right tools, the produced insights can support fact-based decision-making. This implies that analytics is something that should be known to any boss, company leader, or even someone employed in the data-based industry. And analytics is not restricted to IT operations by industry but is also leveraged in healthcare, sports, and other related industries. Not only that, but they also need to familiarize themselves with upcoming instruments and developments in data analytics, e.g. Analytics from X.
The analyst firm mentions analytics ‘in the Gartner Top 10 Trends in Data and Analytics for 2020, which is intended to gain more momentum in the coming years. This is defined by Gartner as an umbrella concept, where X is the data variable for a range of various structured and unstructured content, such as text analytics, video analytics, audio analytics, etc. Global leaders will soon be using X analytics to address the world’s biggest problems, including climate change, avoiding diseases, and protecting wildlife. Gartner also mentions that X analytics can play a key role in detecting, forecasting, and preparing for natural disasters and other market crises and opportunities in the future when paired with AI and other techniques such as graph analytics (another top trend).
The pandemic last year served as an enabler and catalyst for businesses to use data analytics capabilities for a plethora of purposes. Analytical processes such as sentiment analytics, predictive analytics come to the rescue for company brands seeking to learn more about their customers and find ways to be more competitive in providing customized programs to help brands understand the changing demands. Analytics have also made it possible to predict demand in other markets, detect potential supply chain disturbances, prioritize support programs for at-risk employees, and assess the efficacy of crisis intervention strategies, and more. Also, epidemiologists and health officials have used analytics to understand coronavirus transmission, identify emerging hotspots, susceptible populations, and, among many others, trace infection waves. Location analytics helped to track contacts and contextualize real revenue, logistics, and supply chain statistics and to calculate marketing campaign success rates location-wise.
New trends in data analytics also came to light. For example, some businesses have pivoted to descriptive analytics over predictive analytics, as the former provides better visibility into the current and recent past. When more and more companies migrated to the cloud despite pandemic crises, it was also a good year for cloud analytics. In the retail and healthcare sectors, diagnostic analytics are becoming more common as they provide in-depth insights into a specific issue faced by stakeholders. Also, video analytics went mainstream as it provides real-time updates on subjects during mass surveillance programs that were developed to prevent coronavirus infections, monitor logistics center shipments, and more.
No wonder that in the coming years, market demand and use cases for analytics will increase, while new analytical instruments will arise. X analytics encompassing multiple data type formats can allow organizations to derive value from all data types, compare the old dataset with the new ones to understand how behavior has shifted, what trends have persisted, and how these changes can be capitalized.
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